The end of October, early November in order to raise $ 3.5 billion of debt funds, the government under (NicolasMaduro) leader Venezuelan President Maduro made the madness: the sale of national sovereignty gold reserves to repay debt.
The exact point that, in the past few months, Caracas replica Van Cleef & Arpels jewelry has sold 19 percent of its gold reserves. Central Bank this week released a statement on its website, in January the country’s gold reserves of 91.41 billion Bolivar (Venezuela currency), May was 74.14 billion Bolivar. Even by the strongest exchange rate (Bolivarian 6.3 dollar), the amount of gold reserves have been reduced by approximately $ 2.74 billion.
Although laughable, but the decision in the present case in Venezuela can still little Van Cleef & Arpels Clover Jewelry understood. Venezuela exports 95% dependent on oil exports, oil prices rebounded in the foreseeable future, the only thing to do is to use credit default swaps linger.
1/5 prior to the sale of gold reserves, another situation may be more generous Venezuelan original – the IMF Special Drawing Rights into the capital account.
Recall, this is not exactly the Greeks in July, when done well, then everyone guessing Greece will default. Venezuela is now the turn.
Reuters reported that, according to the IMF official website shows, Venezuela October extract from a $ 467 million IMF account, in response to low oil prices and a severe economic recession. Withdrawal allow Venezuela to pay off debts and imports of goods, but can Van Cleef & Arpels Alhambra Earrings not change the total amount of SDR account.
Needless to say, the paper with paper assets to repay debt, which is quite clever trick. At that time, probably nothing. However, Venezuelan President Maduro perhaps better: If we were to declare breach of contract, may be able to save some gold reserves.
On Tuesday, the country’s international reserves to $ 14.819 billion, and is rapidly Van Cleef & Arpels jewelry imitations declining. According to this loss of speed, distance Venezuela will total collapse a few months time.
Central Bank of recent statements show that as of May, 58% of the country’s reserves in the form of gold jewelry. However, it is not clear how many paper assets reserves.